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Non-Tech : American Express (AXP)
AXP 360.73+0.5%Oct 31 9:30 AM EST
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To: Brad who wrote ()6/18/2000 6:04:00 PM
From: PATIENT-DISCIPLINED  Read Replies (1) of 179
 
Does anyone know any fundamental reason for the 4 point drop Friday? Could it be just part of the banks (Wacovia, USB warnings, concerns about loans), financials (the New York Financial index dropped to its 50 day moving average Friday), Dow slide? I could find nothing challenging on my NDB, Wall Street Research Net (.wsrn.)screens, or on the AXP web site.
Although the $ is down, the bond seems to be in an uptrend. Justice has gone after Visa and Master Card, but will it add the Am Ex card (and/or Discover) to the assault later (it doesn't seem so from the Am Ex Chairman's 5.25 Washington testimony)?
If there is nothing changed in the fundamentals, some ideas about where it might bottom include: Friday's low coincided with -.5 standard deviation below the 20 day moving average (a point of strong past support) and Friday's close coincided with a trend line connecting 2ndary lows. Apx. 50.50 represents the trend line point of major lows since March and the 50 day moving average. Apx. 40.50 represents the 200 day moving average, a line it has pierced less decisively on all the major lows since March?
Any thoughts on any of this are most welcome? Thank you for your time reading and responding to this.
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